Originally published at: Publishing startups want to use web3 and NFTs to sell shares in books | Boing Boing
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Yet another Web3 confidence game that will ultimately pick the pockets of creators and consumers to the benefit of Libertarian middleman techbros. That is all.
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Me, upon seeing the word NFT in a title:
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I feel like this article came out a while back, and writers and those who understand the NFT grift already soundly trounced it on social media, pummeling it to within an inch of its ink-stained life. Or it could be that this lame idea just keeps floating around as NFT messiahs look for any way they can rip off people and line their shrinking bank accounts. Shame for them we’ve caught on to the grift now.
Hey writers: use kickstarter or patreon. Those sites already do what this stupid idea purports to do for you.
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I have yet to see a single idea for using NFTs that can’t be done just as easily without NFTs.
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What rock has she been hiding under to have missed the ‘NFTs can be used to construct an unregulated analog to just about any financial instrument you want to inflict on the rubes’ lesson having already been thoroughly learned and exhaustively put into practice?
It’s been some time since you got to write a breathlessly enthusiastic article about some area of life you could inflict another capital market on through NFTs and act like it’s an original observation.
Also, thanks, I hate it.
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web3 article drinking game: Take a shot every time the author writes “what if” or “in theory” or “eventually” or “just imagine” or some other word or phrase that identifies the completely theoretical nature of everything blockchain. Or don’t, because you’ll likely kill yourself with alcohol before you finish the first paragraph.
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Not only is the article written as a total fluff piece, it also seems to intentionally misunderstand how the entire industry works. Like the idea that NFTs are the only way to have characters appear in crossover stories. Every time cyrpto shills talk about disrupting an industry (like finance or art or real estate) it just shows how little they actually understand that industry to begin with.
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This is my exact reaction as well.
Okay, so the guy wants to create a stock market for book publishing. I hate it, because the world doesn’t need more stock markets. However, that aside, none of this requires NFTs or Web3.
NFTs and all Blockchain tech are still solutions desperately in search of a problem. People are convinced they are the magic bullet for something. That’s never a good omen for a technology.
Also, tech bros, please stop trying to to turn everything into stock markets and rent-seeking. Those are the worst parts of capitalism, not the best parts as you seem to think.
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The cover story is always “this will allow creators to benefit from their work in secondary markets” (e.g. crossovers, re-sales of paintings, etc.). They don’t mention the gas fees and marketplace/exchange fees and speculation that will enrich the parasitic techbros and leave them with next to nothing.
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Reminds me of dubious startups. Just get a lot of press, fluff and hype and sell it off as fast as possible. NFTs and crypto seem to have similar things going on, but particularly for NFTs I really don’t know what they’re good for besides separating fools from their money.
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Me neither. I’m dumbfounded that everyone got so excited about digital receipts. Those paper scraps that nobody cares about except maybe for tax purposes, or when you want to return your blender to Sears.
My hypothesis is that everyone collectively misunderstood them early on, and imagined they were some sort of ironclad DRM for intellectual property (which would actually do most of the things people tried to do with NFTs, if such a thing were possible). Once the hype train started, there was no stopping it.
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So it seems the hustlers managed to con Esquire into publishing a sales pitch for their latest con. I wasn’t able to get more than a couple of paragraphs in before the disgust became overwhelming.
All I can see is that hustlers are trying to use crypto-woo to convince artists and authors to use their new Patreon clone, because hey, Patreon got a lot of bad press and our newfangled system will protect you! The emperor is using it, and doesn’t he look grand in it? What? You can’t see it? Then you must be some sort of idiot who doesn’t deserve your current job!
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